Here are five things you must know for Monday, June 1:
1. -- Stock Futures Mixed as China Reportedly Halting Some Imports
Stock futures fluctuated Monday after a report said China told major state-run agricultural companies to pause purchases of some U.S. farm goods including soybeans, ratcheting up trade tensions between the world's two-largest economies.
Contracts linked to the Dow Jones Industrial Average rose 17 points, futures for the S&P 500 were down 1 point and Nasdaq futures declined 26 points.
State-owned traders Cofco and Sinograin were ordered to suspend purchases, Bloomberg reported, citing people familiar with the situation. Chinese buyers also have canceled an unspecified number of U.S. pork orders, the report said.
Futures had pointed to a higher Wall Street open earlier Monday as investors focused on President Donald Trump's speech on Friday that lacked specifics on what measures would be taken against China for new national security laws in Hong Kong.
Trump on Friday took a series of steps against China, including cutting ties with the World Health Organization, which he claimed is controlled by Beijing, but didn't say anything about terminating the phase-one trade agreement between the two countries.
The president criticized China's handling of the coronavirus outbreak, and also said the U.S. would sanction Chinese officials responsible for eroding the autonomy of Hong Kong, but his comments lacked specificity.
2. -- Protests Force Closure of Some Target and Walmart Stores
Some U.S. retailers, including Target (TGT) - Get Report, Walmart (WMT) - Get Report and CVS (CVS) - Get Report, over the weekend temporarily closed or limited hours at some locations for safety reasons as protests broke out over the death of George Floyd, a black man, at the hands of Minneapolis police.
Protests over the death of Floyd, who was killed on May 25, raged for most of the weekend in several U.S. cities, with National Guard troops summoned to at least 15 states and curfews enacted in at least a dozen major metropolitan areas.
Spokeswoman Kelly Cheeseman told the Associated Press that Amazon also was abiding by local curfews.
Apple CEO Tim Cook, in a memo to employees Sunday, condemned Floyd's killing.
“We can have no society worth celebrating unless we can guarantee freedom from fear for every person who gives this country their love, labor and life,” Cook said in the memo.
3. -- Manufacturing Data Highlights Monday's Calendar
The economic calendar Monday includes Markit Manufacturing PMI for May at 9:45 a.m. ET, the ISM Manufacturing Index for May at 10 a.m. and Construction Spending for April at 10 a.m.
The U.S. nonfarm payrolls report for May, in which the U.S. unemployment rate is expected to soar close to 20%, will be released Friday.
4. -- Zoom Video and Broadcom Report Earnings This Week
The earnings calendar Monday is light but reports are expected later this week from Zoom Video (ZM) - Get Report, Broadcom (AVGO) - Get Report, Dick's Sporting Goods (DKS) - Get Report, CrowdStrike (CRWD) - Get Report, Campbell Soup (CPB) - Get Report, Canada Goose (GOOS) - Get Report, DocuSign (DOCU) - Get Report, MongoDB (MDB) - Get Report and Slack (WORK) - Get Report.
5. -- SpaceX Docks With the International Space Station
One of Elon Musk's SpaceX capsules occupied by two NASA astronauts hooked up with the International Space Station on Sunday, marking a key victory in the mission.
"Welcome home," posted Jim Bridenstine, NASA's administrator, on Twitter following the link-up. "America’s two favorite dads in space have docked" to the space station.
The SpaceX Crew Dragon Endeavor spacecraft was carrying NASA astronauts Robert Behnken and Douglas Hurley, who lifted off late Saturday afternoon on the SpaceX’s Falcon 9 rocket from the Kennedy Space Center in Florida.
It was the first time a privately built and owned spacecraft carried astronauts to the space station in its more than 20 years of existence.